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25 per cent of PI insurers opt out of minimum terms list

The number of insurers signed up to the Law Society''s minimum terms for solicitors'' professional indemnity has dropped by around 25 per cent.

30 October 2001

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25 per cent of PI insurers opt out of minimum terms
list

The number of insurers signed up to the Law Society's
minimum terms for solicitors' professional indemnity has dropped by around 25
per cent.

In the second year of an open indemnity market following the
demise of the Solicitors Indemnity Fund (SIF), there are 27 companies offering
cover, as opposed to 35 last year. Although premiums have risen in total this
year by 15 per cent to about £160m, the figure is still far short of the £250m
collected by SIF. In 2000, the untapped SIF market represented an attractive
opportunity for a number of insurance providers. One year later, many of the
smaller players have cut their losses and moved out of the market.

Categorised in:

Risk & Compliance